Grimes & Company Inc. boosted its holdings in Biogen Inc (NASDAQ:BIIB) by 2,056.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,956 shares of the biotechnology company’s stock after buying an additional 36,196 shares during the quarter. Grimes & Company Inc.’s holdings in Biogen were worth $8,837,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Trustcore Financial Services LLC raised its holdings in Biogen by 152.3% during the 2nd quarter. Trustcore Financial Services LLC now owns 111 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Bourgeon Capital Management LLC bought a new position in Biogen during the 3rd quarter worth approximately $30,000. Ruggie Capital Group bought a new position in Biogen during the 2nd quarter worth approximately $33,000. JJJ Advisors Inc. bought a new position in Biogen during the 2nd quarter worth approximately $35,000. Finally, Next Capital Management LLC raised its holdings in Biogen by 101.3% during the 2nd quarter. Next Capital Management LLC now owns 151 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 76 shares during the last quarter. Institutional investors and hedge funds own 88.52% of the company’s stock.
NASDAQ BIIB traded down $0.01 during mid-day trading on Monday, hitting $293.24. The company’s stock had a trading volume of 43,571 shares, compared to its average volume of 1,920,335. The company’s 50 day simple moving average is $251.07 and its 200 day simple moving average is $236.17. Biogen Inc has a twelve month low of $215.77 and a twelve month high of $344.00. The company has a current ratio of 1.91, a quick ratio of 1.74 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $52.72 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 1.58 and a beta of 1.07.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, October 22nd. The biotechnology company reported $9.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.27 by $0.90. Biogen had a net margin of 37.91% and a return on equity of 46.14%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter last year, the firm posted $7.40 EPS. Biogen’s revenue was up 4.7% compared to the same quarter last year. As a group, research analysts forecast that Biogen Inc will post 33.19 EPS for the current year.
Several analysts have recently commented on BIIB shares. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Biogen in a research report on Friday, July 26th. Jefferies Financial Group raised their price objective on shares of Biogen from $255.00 to $310.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. William Blair reaffirmed a “hold” rating on shares of Biogen in a research report on Friday, October 25th. Canaccord Genuity raised their price objective on shares of Biogen from $285.00 to $305.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Finally, Guggenheim raised shares of Biogen from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $256.00 to $365.00 in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Biogen currently has an average rating of “Hold” and a consensus target price of $288.33.
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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